Rivian announced this they will manufacture 25,000 electric vehicles
Rivian Automotive, a startup manufacturer of electric vehicles, reported that it assembled more than 4,000 vehicles in the second quarter and is still on schedule to assemble 25,000 vehicles in 2022.
Rivian’s stock price jumped at the opening bell and stayed high all day, finally closing at $29.66, up 10.4 percent.
According to a company statement, during the quarter Rivian manufactured 4,401 electric R1T pickups and R1S SUVs and delivered 4,467 of them to clients. The business did not provide model-specific details for output or shipping.
During its IPO roadshow last year, the business stated that it planned to produce 50,000 automobiles by 2022. In March, though, it halved its output growth forecast, citing “a layer of complexity” brought on by continued problems with the company’s global supply chain. On Wednesday, executives reaffirmed the company’s goal of producing 25,000 vehicles in 2018.
The market for electric pickup trucks is predicted to expand substantially over the next few years, despite its current small size. On Tuesday, Ford announced that 1,837 of its electric F-150 Lightnings had been sold in June, bringing the total number of Lightnings sold since production began in late May to 2,296.
From the commencement of production in late 2021 through the end of June, Rivian manufactured a total of 7,969 vehicles.